Legacy Motor Club: 2024 Net Worth, Stats, Owners and More

What is Legacy Motor Club?

When it comes to making a name and carving out a niche for oneself, no one knows it better than the folks at Legacy Motor Club (LMC). Originally known as Petty GMS Racing, LMC had a lot to prove when it rebranded itself in 2021. After all, it's not easy to continue the illustrious "legacy" of Richard "The King" Petty, is it?

The History of Legacy Motor Club

Legacy Motor Club was formed in 2023. The team is currently owned by airline entrepreneur Maury Gallagher, 7x Cup Series champion Jimmie Johnson. Apart from that, the iconic Richard Petty acts as the team's brand ambassador.

Why is the team named Legacy Motor Club?

There's quite a bit of a story regarding the formation of, what is currently known as Legacy Motor Club. In December 2021, news surfaced that Maury Gallagher had purchased a majority stake in Richard Petty Motorsports for $19 million. The team, in that same month, rebranded to Petty GMS Racing after a merger with GMS Racing. Subsequently, in November 2022, Jimmie Johnson was reported to have purchased an ownership stake in the team and the team finally rebranded itself to be called Legacy Motor Club in 2023.

Legacy Motor Club Net Worth 2024

While there's no definite figure that can be provided for LMC's net worth, looking at its team owners personal wealth figures, it's safe to say that LMC has nothing to worry when it comes to finances. While Jimmie Johnson is reportedly one of the wealthiest people in the NASCAR circuit with an estimated net worth of around $160 million, Maury Gallager is said to be worth over a staggering $400 million.

Legacy Motor Club Racing Drivers

The team currently fields three drivers in the Cup Series including John Hunter Nemechek, Erik Jones and Jimmie Johnson.

John Hunter Nemechek joined LMC ahead of the 2024 season to drive the #42 car full-time in the Cup Series. “John Hunter has been around a racetrack literally since the day he was born. I have watched him since he was a little kid – from walking around the track in a firesuit matching the one worn by his father - to becoming the talent he is today. He is a perfect fit for the Club and I expect great things out of him,” an LMC executive said in an official press release.

Erik Jones was originally a Richard Petty Motorsports driver, having signed to the team in 2021. The driver stayed through the double rebranding and is now a full-time Cup Series driver with Legacy Motor Club, driving the No. 43 Toyota Camry.

As for team-owner Jimmie Johnson, after an iconic career with Hendrick Motorsports and bagging seven Cup Series championships, the driver moved into ownership duties and is currently a part-time driver for LMC, driving the No. 84. The NASCAR Hall of Famer, who started his career with offroad racing returned to his roots in 2024, with plans to compete in the Extreme E racing series which will showcase "electric SUVs and futuristic technologies in some of the world’s most remote and challenging environments".

Hendrick Motorsports Partnerships and Endorsements

With such an iconic legacy and being associated with seven-time Cup Series champion Richard Petty, partnerships have not been hard to come by for Legacy Motor Club. The team's partners include Toyota as its OEM apart from others such as Toyota Racing Development, AdventHealth, Dollar Tree, Family Dollar, Carvana, Romco Equipment Co., Pye Barker, Gear Wrench, Club Wyndham, Mobil 1, Creed, all, Dial, Persil ProClean, Snuggle, Bajavida Beef Jerky, allegiant, Sunseeker Resort, Lincoln Welders, Safety Kleen, SEM, D30, Blue Compass RV, Coca-Cola, Dixie, 5-Hour Energy, Reese's, Oreo, RITZ, Sour Patch Kids and Dog Chow.

Legacy Motor Club Awards and Achievements

While Legacy Motor Club shows a lot of promise, it is yet to tap into its full potential. Currently, the team has won one Cup Series race so far. As for pole positions and driver's championships, LMC are still waiting to make a resounding statement.

Legacy Motorsports and terminating the contract with Chevrolet

Ever since Legacy Motor Club was formed, the team was a proud member of the Chevrolet squad. However, things took a turn when, in early 2023, it was announced that the Jimmie Johnson-owned team would be making a switch to Toyota, and fielding cars by the Japanese manufacturer as early as 2024. While many sensed something controversial going on behind the scenes, Jimmie Johnson begged to differ.

“I just want to express my excitement to be a part of the Toyota family. Clearly have a long history – 30-plus years with Chevrolet, 20 of those years at Hendrick Motorsports — and what we did together will always be in the record books and something that I’ll always cherish. But as Maury pointed out, strategically long-term, this is a foundational piece for the club that … this really makes sense. It’s something we need to do and to have this deep alignment and partnership with Toyota, it’s been a fun period of time to get to know them and really understand their passion and how much our core values truly align,” team owner Johnson had said at the time.

However, the real reason surfaced almost a year later when the team's CEO, Cal Wells, reportedly revealed that LMC was treated like a "Tier Three" team by Chevrolet and that teams like Hendrick Motorsports were higher on the priority list for the OEM. "And they left (LMC) at what I would consider a tier three, where the information was very limited and intentional. I mean, this isn't to say that (Vice President, GM Performance and Motorsports) Jim Campbell and (Executive Director GM Motorsports) Eric Warren didn't pay a lot of attention to Gallagher Motorsports and then Jimmie and then Richard Petty, and then how it continued to evolve into Legacy, because they did. But they had tier one teams that they had made huge investments in and they were wanting to appropriately support their other true key partner teams," the CEO had revealed.

Legacy Motor Club and Noah Gragson

Currently a driver at Stewart-Haas Racing, there was a time when Noah Gragson used to be a Legacy Motor Club driver. Joining the team in 2023 season, the driver failed to leave a lasting impression with only one Top-15, having finished P12 at Atlanta Motor Speedway. Apart from that, in the rest of the 20 races that he competed in, Gragson mostly had to be satisfied with dismal finishes that were well out of P20s and P30s. Coupled with concussion like symptoms after the driver suffered a crash at the World Wide Technology Raceway, his chances at redemption were further hampered as he had to stay out of the next race at Sonoma Raceway.

However, the final nail in the coffin came in August, 2023, as the driver was indefinitely suspended by LMC after he was caught liking an insensitive social media post about George Floyd.

Following his suspension, the team roped in multiple drivers to substitute him. And, among them was current Spire Motorsports driver Carson Hocevar who drove in eight races for the team. During his time with LMC, Hocevar was able to secure his career-best finish in the Cup Series at P11 at the Bristol Motor Speedway.

Legacy Motor Club and 75 years of Petty Enterprises

Even if Richard Petty Motorsports ceases to exist in the literal term of the sense, it cannot be denied that Legacy Motor Club is a part of the varied history of Richard Petty. The Petty family, which has dominated the NASCAR circuit for decades, recently reached their 75th anniversary in racing and Legacy Motor Club didn't forget to pay a well deserved tribute.

Known as 'The King's Hat' project, the initiative saw a fiberglass and concrete statue replicating Richard Petty's iconic hat being showcased at all NASCAR and Speedway Motorsports-owned tracks, as well as Indianapolis Motor Speedway, World Wide Technology Raceway, Pocono Raceway, the NASCAR Hall of Fame, LEGACY MOTOR CLUB and the Petty Museum.

Interestingly, each was a "uniquely personalized tribute to the Petty family", according to LMC's official press release.

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